Golden Life Mall is a state-of-the-art shopping complex located in the heart of Nakuru City, along the Nakuru-Eldoret highway.
The mall is a symbol of economic growth and development in the region, attracting both international and local brands.
However, behind the glamour and success of the mall lies a controversy surrounding its ownership and management.
In this article, we will take a closer look at the owners of the Sh1.6 billion Golden Life Mall in Nakuru, and the controversy surrounding the Egerton University Retirement Benefits Scheme.
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Inside Golden Life Mall
The mall offers an extensive range of goods and services from fashion and beauty products, home appliances, electronics, groceries, and much more.
Apart from the retail section, Golden Life Mall also features a six-storey tower suspended on the mall.
The lower ground floor covers an area of 39,954 square feet, the upper ground floor is 40,891 square feet, and the first floor measures 38,681 square feet.
The tower houses various offices, including a 9D Virtual reality experience, a live extravaganza performance stage, and a skating rink at the rooftop.
Golden Life Mall also features an outdoor garden space that is suitable for hosting a variety of events.
Whether you’re looking to host a corporate meeting, a custom party, a birthday party, or an expo, this garden space is the perfect venue.
The garden is spacious and well-manicured, providing a serene environment for relaxation and socializing.
Owners of Golden life mall
The Golden Life Mall Nakuru is wholly owned by the Egerton University Retirement Benefits Scheme.
This scheme is a vehicle for Egerton University staff and workers who pooled their money together to invest in various businesses with the goal of reaping a fortune in terms of profits in their retirement.
The mall was developed with the aim of tapping into the growing economy of Nakuru City and attracting the over 1,000 vehicles that use the busy Nakuru-Eldoret highway every day.
Controversy
The latest report by an independent Auditor reveals that the Egerton University Retirement Benefits Scheme is owed more than Sh2.1 billion by the employer who has failed to remit the monthly contributions.
This revelation was made during a hushed Annual General Meeting held in Nakuru City, attended by representatives from five public universities including Egerton, Chuka, Kisii, Tharaka and Laikipia.
During the meeting, Chuka University, however, seemed to be unhappy with the management of the scheme and announced during the meeting that it will move out and form its own independent pension scheme.
This decision by Chuka University was fueled by concerns raised by members of the scheme about negative returns on their multi-million shilling investment in the Golden Life Mall in Nakuru City.
“The Retirement Benefits Authority (RBA) Act stipulates that the employer remit members’ contributions and interest accrued to the scheme in full on or before the 10th day of every month failure to which a penalty of five per cent of unremitted contributions or Sh20,000 which is higher. The scheme has unremitted contributions amounting to more than Sh2.1billion,” said the audit report by Ronalds LLP, a certified Public Accounts firm
The occupancy of the mall is about 60 per cent, and the Trustees attribute this to the pandemic, but they are optimistic it will get new tenants as the effects of the pandemic are dwindling.
However, the audit report drew the attention of more than 3,000 members of the scheme to non-compliance with the Retirement Benefits Act on investment.
The RBA Act requires that a limit of 30 per cent of scheme investments is invested in immovable property.
As of June 2022, about 41.3 per cent of the scheme investments were held in immovable assets.
High concentration of the scheme’s assets in immovable property indicates a material uncertainty on the ability of the scheme to meet its obligations when they fall due.
